The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-07-24

l
| Ultimate dealing in stocks
Mr.. White-I am not given to over nice dis
| tnctons. There are some people who call all
| speculation gambling On that theory man
| who buys real estate which he does not actually
need and holds 1t for a rise is a gambler do
/ not consider it. Legitimate speculation IN
l stocks is carried on when a man buys what he
can pay for. or amply protect his broker IN pay
ing for, and holds it for its income or expected
enhancement in value Gambling IN stocks
| would be where stocks actually changed
| hands but the party trading rlsked one or two
/ per cent. the first fuctuation OF the stock
| after buying it. | have often bought stocks
| which showed large loss before they showed
| large profit. but holding them on their merits
| and disregarding the fluctuations, they paid well
| in the end
| Q-What is the extent of the gambling which
| you admit exists in stocksf
| MIR White-I don't know There bucket
/ shops all the country which get W all street
| quotations, and back the game against the pub
| lie by charging commission and taking the
risk against the dealers, matter on which side
| they deal.
| els there any remedy7
| Mr.. White-Nobody has found one yet so far
Mr. Russell Sage is known all over the United
| States not only for his immense stock opera
lions, but also for his charities and his activity
| in city mission work. He has for years been
painting for opportunity to put the eclesias-
| teal traducers of the bulls and bears to rout,
and though he makes it a rule to talk to
| porters, he broke the rule with great prompt
ness when he heard that the longed-for OPP
| portunity to defend Wall street had come. In
/ brokers and their business had been misrepre-
| scented, he said Il have been in business for
more than forty years, and l have been actively
engaged IN business In the city OF New \ ork Tor
| thirty years. and my transactions have been
considered large. Speaking from that expert
ence, l say that | never dealt with men
| of integrity than the brokers of the
| New York Stock Exchange. It is a we'll
| known fact that out of every 1000 men
ways be a certain percentage not up TO the
standard we like to see, but, taken as class.
| the brokers here far above the average of
men in different parts of the corntry IN upright
| ness aud honesty and sense of justice, aud VEN
| ture to say that, taken as class, they compare
| favorably in moral character and acts of charity
/ and wholesome example with those who critcise
! them. The denunciation from which we suffer
| comes from men who have suffered disappon:-
ment by reason of having attempted to teach
business which they did not understand. to peo-
/ pie from whom they ought to learn The conse-
| quent loss entailed upon them from the want of
| acquaintance with the business they attempted
| to teach has made them bitter"
'In other words" said the writer, You mean
| to say that the clergy have come to Wall street
| to shear lambs and have provided the wool them
| selvesl"
You put down what sav, now, it don't
| quire any explanation. If IEAshos pnches any
clerical readers let them wear>It AS to the
evil of gambling in Wall street, which the
preachers declare to be so widespread. have
never observed il in the twenty-five more
years that have been in business here, and
from my observations in different parts of the
country think that the percentage of ambling
places. In saying this | don't deny
that there are men among the brok-
who gamble What 1 do say that they are
an insignificant percentage There always has
been gambling, so far as we can trace history
back, and L suppose there always will be till the
millennium Why, if brokers anything
like as bad as some people try to make them out
we could not conduct our business. It requires
the highest sense OF honor to sustain a stock
exchange. and ours is the best in the world. The
London Exchange is looked up to by all Europe
| on account Of its solidity, yet in comparison
| with ours it is very shaky. We have nothing
| here except at rare intervals like the excessive
risks and fluctuations OF the London Exchange"
The next was kind of joint stock interview
| with Mr.. Joseph A. Jameson and Mr.. William
| T.. MoorehouSe. Mr.. Jameson is the partner of
| Commodore Smith, president of the Exchange.
Mr. Moorehouse is well known public school
principal They side-tracked their cow ersation
when the reporter came upon the scene, and
pulling open the throttle valves of their oratory
shot out on the main line of Wall streets defense
as follows:
Mr.. Jameson-There isn't enough gam bling go
ing TO suit me, If they call buying and selling
stocks gambling. It's about NJ ach gambling
dealing in -four pork, and The Stock
Exchange is one of the most valuable institutions
to the Nation at large that there is in this
country 1t is absolute necessity. People
deceived. because in place of handing over
property we hand securities which represent and
give possession of that property. I've been in
Wall street for twenty and find the brokers
the most decent, honest and liberal men I ever
came in contact with Every day. though business
is dull just now, there are transactions to the
tent of twenty or thirty millions of dollars in the
Exchange. almost all by word of mouth, and all
faithfully lived up to, except in rare cases of
sudden misfortune.
Mr.. Moorehouse-Where would this country
be if it were not for Wall street being willing to
put money into new enterprises9 The capital
lists are the pioneers who open up the wilder
ness to settlement. There's doubt about the
matter. the preachers have set us down bad
lot. There is gambling in stocks and bonds
and the parsons have caught the idea that all
our transactions are gambling If they knew
more they would probably say less. 1 remem-
Der one time went to church mp in the country.
The minister took for his text the words.
And Lot pitched his tent towards Sodom."
Other subjects were rather scarce
just then, and he wanted take a round out of
Wall street. He elaborated his theme quite
skifully, too; telling how virtuous Abraham
chose the mountains where the pasture was poor,
but where morality and purity were rich, and
how errng brother Lot chose the valleys where
the grass green and deep and became rich
in all material things but beggar in regard to
virtue. Then he went on to apply the lesson to
the present day, declaring that Now York
full of men like Lot, who went down to Wall
street and INDUCED in shady transactions, which
made them rich in pocket but poor in honesty
Mr.. Jameson-I guess the ministers just come
at US to have a little fun once in while They
don't mean any harm There is gam bling in the
bucket shops. no doubt about that, It's bad
thing, and wish the Legislature would pass
bill restraining it. We not responsible for
it. though any man who knows the method of
the bucket shops understands. They co1id
gamble in flour. or in any kind of produce for
that matter The really bad people those
of skinning the honest brokers. If they make
pile of money they go away smiling. but if they
happen to lose, they Immediately howl and COM
plain that they have fallen into den OF
thieves
Mr.. w. It. Hatch, a fne-looking gentleman
who has grown white-haired in Wall street. and
whose bank and brokers' office is situated at 7
Nassau street. is now. and has been for years,
treasurer of the Rev. DR.. Storrs's Church of the
Pilgrims in Brooklyn. When questioned lit
tie he warmed I'D in defense of Wall street and
the Stock Exchange, and said: There is no
place this footstool where much straight |
honest business IS transacted is done in Wall |
street. l think the brokers of Wall street are |
the best class Of men | ever Their words |
are entirely trustworthy. There are
exceptions. but they very rare. I may |
sell another broker hundred thousand dollars |
worth of bonds and between the verbal sale and |